【正文】 or plementary to any other financial activity regulated by the Agency， 3.the activity39。 can cite: Merchants and Retailers. Although Section 124(a) provides that the CFPA does not have authority regarding credit or other financial activity issued directly by a merchant， retailer， or seller of nonfinancial services to a consumer， the definitions of extending credit and covered person remain unchanged， leaving open the possibility that a merchant could be found by the CFPA to indirectly engage in financial activity or to be a material service provider to a covered person. For example， a business that merely accepts credit cards could meet either of those qualifications— either indirectly engaging in a financial activity (the provision of credit by the credit card work) or providing a material service to the credit card work. In addition， although businesses that sell stored value cards are now exempt， businesses that issue stored value cards— or that merely allow their names or trademarks to be used on stored value cards— remain subject to regulation as a covered person. Accountants ， Lawyers ， and Tax Preparers. Section 124(e) exempts accountants， lawyers， and tax preparers， but provides that the exemption shall not apply ... to the extent such person is engaged in a financial activity or is otherwise subject to the existing federal consumer laws. That means that any activity by an accountant or lawyer that falls within the broad financial activity definition— provision of tax planning advice in connection with estate planning， for example— or any activity that the agency classifies as a financial activity under its rulemaking authority would trigger the applicability of the statute. Moreover， although tax preparation services are no longer expressly included in the definition of acting as a financial advisor (Section 101(18)(H))， such services are not expressly excluded from that definition. Accordingly， there is a risk the agency could simply interpret the broad language of the definition (providing financial and other related advisory services) to include tax preparation. Real Estate Brokers and Auto Dealers. The exemptions for real estate brokers and auto dealers suffer from the same flaw as the one for accountants， lawyers， and tax preparers: They do not apply if the person is engaged in a financial activity or otherwise subject to the existing Federal consumer laws. In addition， even the limited protection provided by the exemptions fails to enpass activities in which these individuals routinely engage. Thus， the real estate broker exemption does not include negotiations relating to financing， and the auto dealer exemption does not apply to lease transactions and excludes activities relating to the arranging of financing. That means that auto dealers likely will be covered by the statute for all activities other than allcash vehicle sales. New Related Person Provision. The bill includes a new provision， defining the term related person (Section 101(30))， which is applicable to all entities other than bank holding panies， credit unions， and depository institutions. It includes: any director， officer， employee charged with managerial responsibility， or controlling stockholder of， or agent for ， such covered person and any shareholder， consultant， joint venture partner， and any other person as determined by the Director who materially participates in the conduct of the affairs of such covered person. Also included I s any independent contractor (including any attorney ， appraiser， or accountant)， with respect to such cove